SEC Wants Elon Musk Held in Contempt — and Maybe More

Xinhua via ZUMA

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How big an idiot is Elon Musk?

Tesla Inc. Chief Executive Elon Musk violated an agreement that settled fraud charges with the Securities and Exchange Commission by tweeting material information about his electric car company without prior review, and should be held in contempt, the federal regulatory agency said Monday in a court filing. The potential repercussions are big: It’s possible that Musk could be unseated as CEO and banned from serving as an officer of a publicly traded company.

….Last September, Musk, Tesla and the SEC struck a deal to settle fraud charges over a series of Aug. 7 tweets….Under the deal, Musk agreed to have the company monitor his public comments about Tesla before putting them out on Twitter or elsewhere. He also agreed to personally pay a $20-million fine, give up his chairman’s seat at Tesla and bring two new independent directors onto the electric-car maker’s board.

The only way Musk’s behavior makes sense is if he’s tired of Tesla and wants to be gloriously kicked out instead of quitting on his own. If the SEC kicks him out, after all, he could gripe and bitch about it for the rest of life while maintaining no responsibility for the decline of the company. I dunno. Maybe that seems like an attractive option at this point. It’s hard to account for doing something so obviously stupid any other way.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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